Circle agreed to buy Singapore-based Tazapay for about $400 million in stock, a deal that extends USD Coin (USDC) settlement across more than 100 payout markets.
Key Points:
- Circle will pay roughly $400 million in Class A common stock, with completion expected in 2027.
- Tazapay handles more than $25 billion in annualized payment volume and works with over 60 banking and fintech partners.
- Stablecoins already account for about 60% of Tazapay's transaction volume.
Circle Tazapay Deal Terms
The stablecoin issuer signed the share purchase agreement on Sept. 4 and disclosed the terms in a Tuesday filing with the Securities and Exchange Commission, which also covers $25 million in incentive stock. Circle will set the share count using the volume-weighted average closing price over the 20 trading days before completion, and the figure adjusts for Tazapay's debt, cash and transaction expenses.
Tazapay connects payment firms and financial institutions to more than 60 banking and fintech partners, and its local payout rails cover over 100 markets. Annualized payment volume topped $25 billion as of Jul. 31, and the company sells to payment service providers and banks rather than to retail users. Closing still needs sign-off from the Monetary Authority of Singapore.
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Ganchi Targets Default USDC Rail
Circle announced the agreement Tuesday, and Irfan Ganchi, its senior vice president of payments, framed the purchase as a way to move money worldwide at any hour. Ganchi said the deal pushes USDC toward becoming the default rail for cross-border commerce.
Chief Executive Jeremy Allaire said stablecoin settlement is turning into core infrastructure for the global economy, and he expects the deal to speed up USDC adoption in markets Circle does not yet reach.
The rationale rests on a target already tilted toward digital dollars, because roughly 60% of Tazapay's transaction volume involves stablecoins, in markets where Circle sees rising demand for USDC. Tazapay Chief Executive Rahul Shinghal said his firm needed Circle's dollar infrastructure and regulatory standing to move past banking rails that lag global commerce. Circle told customers to expect no change to services, pricing or support.
Ripple Stake And CRCL Stock
The two firms have worked together for years, since Tazapay has served as a design partner for the Circle Payments Network since 2025 and counts Circle Ventures among its investors. Ripple also backed the startup, which now passes to a direct rival in the stablecoin payments race.
Investors reacted coolly, and CRCL shares slipped about 2.7% to roughly $99 in Tuesday trading.
The purchase caps a steady run of deals since Circle went public in June 2025, including a roughly $100 million takeover of money-market fund firm Hashnote and a July haul of nearly 1,000 blockchain patents from IBM. Tazapay now ranks as the priciest Circle acquisition since the company bought Poloniex in 2018.
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